UB raises share capital to Rs 280cr

United Breweries (UB) has raised its authorised share capital to Rs 280 crore from Rs 250 crore and will invest up to Rs 180 crore to pick up stake in Karnataka Breweries & Distilleries.

The company has also made preferential allotment of securities to Scottish and Newcastle India, it informed the BSE.

The members in an extraordinary general meeting have allotted to SNIL 37.79 lakh equity shares of Rs 10 each at Rs 575 per share aggregating to Rs 217.32 crore.

The allotment to SNIL includes warrants convertible into 51.09 lakh shares of Rs 10 each at Rs 575 per share.

It also includes 1.728 crore cumulative redeemable preference shares - series a of Rs 100 each at par aggregating to Rs 172.83 crore and 74.07 lakh cumulative redeemable preference shares - series b of Rs 100 each at par aggregating to Rs 74.07 crore.

The members have approved investment of up to Rs 180 crore by acquisition of equity shares in the share capital of Karnataka Breweries & Distilleries, it said.

The company also earmarked investment of up to Rs 34,000 by subscribing to equity shares in the share capital of Bottle Trading Company.